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01462nam a2200241Ia 4500 |
| 001 |
10.1111-jmcb.12474 |
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220706s2018 CNT 000 0 und d |
| 020 |
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|a 00222879 (ISSN)
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| 245 |
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|a The Legacy and the Tyranny of Time: Exit and Re-Entry of Sovereigns to International Capital Markets
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| 260 |
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|b Blackwell Publishing Inc.
|c 2018
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| 856 |
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|z View Fulltext in Publisher
|u https://doi.org/10.1111/jmcb.12474
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|a We use a continuous-time Weibull model (without and) with a change-point in duration dependence to investigate the duration of the exit and re-entry of sovereigns to international markets. We find that, as the reputation of debtor countries as good (bad) borrowers solidifies over time, those episodes are more likely to end—the “legacy of time.” Debtor countries take advantage of the “benefit of doubt” of creditors during short exits. When exits are long and the reputation as a bad borrower emerges, no more “complacency” makes it more difficult to borrow again in international markets—the “tyranny of time.”. © 2018 The Ohio State University
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|a C41
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|a change-point
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|a continuous-time Weibull model
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|a duration dependence
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|a G15
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| 650 |
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|a international capital markets
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|a re-entry and exit
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|a Agnello, L.
|e author
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|a Castro, V.
|e author
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|a Sousa, R.M.
|e author
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| 773 |
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|t Journal of Money, Credit and Banking
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